Healthcare Workforce Management System Global Market Report 2024

The healthcare workforce management system market size has grown rapidly in recent years. It will grow from $1.91 billion in 2023 to $2.13 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth observed in the historical period can be attributed to labor shortages, compliance requirements, a heightened focus on patient satisfaction, efforts towards cost containment, the implementation of population health management strategies, and the increasing demand for real-time data.

The healthcare workforce management system market size is expected to see rapid growth in the next few years. It will grow to $3.55 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The anticipated growth in the forecast period can be attributed to the expansion of telehealth, a heightened focus on work-life balance, increasing interoperability needs, emphasis on continuing education, the rise of healthcare consumerism, and the adoption of value-based payment models. Major trends expected in the forecast period include the implementation of cloud-based workforce management solutions, the adoption of patient-centered staffing models, the integration of mobile workforce solutions, the use of predictive analytics for workforce planning, and a shift towards data-driven decision-making.

The healthcare workforce management system market is experiencing growth due to the escalating need to reduce healthcare costs within the healthcare workforce. Healthcare workforce management solutions aid healthcare facilities in effectively handling workforce schedules, payrolls, time and attendance, recruiting, budgeting, and reporting. Managing hospital staff becomes challenging with fluctuations in the number of inpatients and outpatients, leading to errors in manual processes such as staff scheduling and payments based on shifts. Workforce management systems address these challenges, enabling hospital management to efficiently meet service demands, allocate labor and staff, and enhance productivity. Companies, including QGenda, are developing software such as ProviderCloud to support efficient healthcare workforce management. Consequently, the increasing focus on curtailing healthcare costs through workforce management is fueling market growth.

The healthcare workforce management system market is experiencing growth due to increasing employment in the healthcare sector. Employment in the healthcare sector involves working in various roles to provide medical services, support, and care to individuals and communities. Healthcare workforce management systems optimize staffing, streamline scheduling, track employee performance, and ensure efficient healthcare delivery. According to Peterson-Kaiser Health System Tracker in December 2023, the health sector saw an increase of 58,400 jobs in October 2023 compared to the preceding month. Employment within the health sector has risen by 3.9% since February 2020, surpassing the previous peak, while other sectors have experienced a 2.9% increase during the same period. The increasing employment in the healthcare sector is a key driver for the growth of the healthcare workforce management system market.

Technological development and integration have emerged as key trends in the healthcare workforce management system market. The advancement of technologies such as Cloud, IoT, and AI is enhancing customer experiences across various applications in the healthcare industry. Automation is aiding healthcare facilities in efficiently managing multi-care hospitals, while connected devices are assisting in workforce management and increasing productivity. Companies are focusing on offering technology-based solutions, such as Zyter's launch of Zyter Smart Hospitals in January 2021. This end-to-end intelligent solution connects hospital data systems, departments, people, and IoT devices, contributing to efficient facility operation and cost reduction through smart energy management.

Major companies are actively developing innovative solutions to meet evolving industry demands and enhance operational efficiency. Next-generation technology platforms, characterized by advanced, cutting-edge systems incorporating the latest technological advancements, are a key focus. For example, in October 2023, Healthcare Workforce Logistics (HWL), a US-based healthcare workforce management solutions provider, launched HWL Works. This is a flexible set of technology and advisory solutions empowering healthcare organizations to excel in a competitive workforce landscape. HWL Works combines people, processes, and technology to offer customizable solutions, addressing labor shortages through managed service programs (MSP) and vendor management systems (VMS). Specialized programs analyze workforce scenarios to craft and oversee bespoke healthcare staffing solutions based on specific organizational requirements.

In July 2021, Ireland-based professional services company Accenture acquired Workforce Insight, LLC, a US-based provider of workforce software and workday solutions, for an undisclosed amount. This acquisition is set to strengthen Accenture's workforce management capabilities and its ability to deliver HR transformation to clients.

Major companies operating in the healthcare workforce management system market report are McKesson Corporation, The International Business Machines Corporation, Oracle Corporation, GE Healthcare, ADP LLC, Cerner Corporation, Workday Inc., Epic Systems Corporation, Infor Inc., Nice Systems, Kronos Inc., Allscripts Healthcare Solutions Inc., Athenahealth Inc., eClinicalWorks, NextGen Healthcare Information Systems LLC, SYMPLR, Cornerstone Ondemand Inc., QGenda LLC, Greenway Health LLC, Atoss Software, AdvancedMD Inc., Allocate Software, Workforce Software Group Inc., OSP Labs, Strata Decision Technology LLC, Kareo Inc., DrChrono Inc., ActiveOps PLC, Timeware, Ultimate Software Group Inc.

North America was the largest region in the healthcare workforce management system market in 2023. The regions covered in the healthcare workforce management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the healthcare workforce management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of healthcare workforce management solutions are software and services. Software in healthcare workforce management systems includes time and attendance, HR and payroll, talent management, and analytics software. Talent management involves attracting, selecting, and retaining employees through various HR processes spanning the employee life cycle. Workforce planning, employee engagement, learning and development, performance management, recruiting, onboarding, succession, and retention fall under talent management. Healthcare workforce management systems are delivered through web-based, cloud-based, and on-premise modes. These systems find extensive use in nursing homes, long-term care centers, hospitals, and other healthcare institutions.

The healthcare workforce management system market research report is one of a series of new reports that provides healthcare workforce management system market statistics, including healthcare workforce management system industry global market size, healthcare workforce management system market regional shares, competitors with a healthcare workforce management system market share, detailed healthcare workforce management system market segments, healthcare workforce management system market trends and healthcare workforce management system market opportunities, and any further data you may need to thrive in the healthcare workforce management system industry. This healthcare workforce management system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The healthcare workforce management market includes revenues earned by entities by providing services such as standalone software, time and attendance, HR and payroll, scheduling, talent management, integrated software. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.